📜 Finance Brokers Control Amendment Bill 2003
Assented toLABill 2573 December 2003
The Finance Brokers Control Amendment Bill 2003 amends the Finance Brokers Control Act 1975. It abolishes the Finance Brokers Supervisory Board, transferring responsibilities to the Commissioner for Fair Trading, and increases investigative powers. The Bill also clarifies the definition of ‘finance broker’ and introduces new licensing and penalty provisions.
Impact
Finance brokers, consumers, and the Commissioner for Fair Trading will be affected. The changes aim to streamline regulation, enhance consumer protection, and clarify the scope of finance broker activities.
Key Changes
["Abolishes the Finance Brokers Supervisory Board and transfers responsibilities to the Commissioner for Fair Trading.", "Increases investigative powers for the Commissioner and investigators.", "Amends the definition of \u2018finance broker\u2019 to include persons managing loans they arranged.", "Introduces different classes of finance brokers licence.", "Increases maximum penalties for offences."]
Parliamentary Progress
- LA IntroducedLA3 Dec 2003
- LA Second Reading MovedLA3 Dec 2003
- LA Second Reading AgreedLA31 Mar 2004
- LA Consideration in DetailLA30 June 2004
- LA AmendedLA30 June 2004
- LA Third ReadingLA1 July 2004
- LC Second Reading MovedLC17 Aug 2004
- LC Second Reading AgreedLC9 Nov 2004
- LC Third ReadingLC10 Nov 2004
Affected Sectors
financepublic_sector
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